Truist Financial Corp Trims Position in Watsco, Inc. $WSO

Truist Financial Corp lessened its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 4.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,988 shares of the construction company's stock after selling 870 shares during the quarter. Truist Financial Corp's holdings in Watsco were worth $8,827,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in WSO. Yarbrough Capital LLC purchased a new position in Watsco during the 1st quarter valued at about $364,000. First Citizens Bank & Trust Co. grew its holdings in shares of Watsco by 34.4% during the first quarter. First Citizens Bank & Trust Co. now owns 906 shares of the construction company's stock worth $461,000 after purchasing an additional 232 shares in the last quarter. Fenimore Asset Management Inc grew its holdings in shares of Watsco by 0.4% during the first quarter. Fenimore Asset Management Inc now owns 58,405 shares of the construction company's stock worth $29,687,000 after purchasing an additional 225 shares in the last quarter. Portside Wealth Group LLC grew its holdings in shares of Watsco by 4.7% during the first quarter. Portside Wealth Group LLC now owns 3,044 shares of the construction company's stock worth $1,547,000 after purchasing an additional 138 shares in the last quarter. Finally, City Holding Co. purchased a new position in shares of Watsco during the first quarter worth about $29,000. Hedge funds and other institutional investors own 89.71% of the company's stock.

Watsco Price Performance

NYSE:WSO opened at $415.70 on Monday. The business has a 50 day moving average of $410.44 and a 200 day moving average of $448.50. The company has a market capitalization of $16.86 billion, a price-to-earnings ratio of 31.88 and a beta of 0.94. Watsco, Inc. has a 1-year low of $378.35 and a 1-year high of $571.41.

Watsco (NYSE:WSO - Get Free Report) last released its earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share for the quarter, missing analysts' consensus estimates of $4.84 by ($0.32). Watsco had a return on equity of 16.96% and a net margin of 7.08%.The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the previous year, the firm earned $4.49 EPS. The business's quarterly revenue was down 3.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be given a $3.00 dividend. The ex-dividend date is Thursday, October 16th. This represents a $12.00 annualized dividend and a yield of 2.9%. Watsco's payout ratio is presently 92.02%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Morgan Stanley set a $505.00 price objective on Watsco in a report on Wednesday, July 2nd. Weiss Ratings reissued a "hold (c+)" rating on shares of Watsco in a report on Saturday, September 27th. Finally, UBS Group cut their price objective on Watsco from $450.00 to $425.00 and set a "neutral" rating for the company in a report on Tuesday, September 23rd. One analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Watsco has an average rating of "Hold" and an average target price of $480.00.

Watsco Company Profile

Watsco, Inc, together with its subsidiaries, engages in the distribution of air conditioning, heating, refrigeration equipment, and related parts and supplies in the United States and internationally. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.

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